by Penny Insurance Agency | May 6, 2022 | Boat / RV Insurance
If you own or are thinking about purchasing a boat, there’s one thing you need to understand above all else: boat insurance is a necessity. No matter what kind of boat you own, there is always a chance that it could be damaged or lost at some point, so it’s important to ensure that your investment and your lifestyle are protected.
We’re not going to sugarcoat it—boat insurance is expensive. But that doesn’t mean you should skimp out and try to save a few bucks on coverage. With insurance, as with many things in life, you typically get what you pay for, and because watercraft damage can be unpredictable and pervasive, it pays off to spend a little more on your policy and know that you have comprehensive coverage for all possible dangers. That way, if your boat does come into harm’s way, it’ll get taken care of quickly and effectively, with less hassle and frustration from all parties involved.
Fortunately, you don’t have to end up in deep water. Here’s everything you need to know about boat insurance basics before heading out this summer.
What is Boat Insurance and What Does It Cover?
Just like having automotive insurance covers many aspects of owning and operating a car, boat insurance is similar for all types of watercraft. While many states don’t require insurance policies to be held for personal watercraft (although many marinas do), boat owners should always ensure that they have coverage for whatever may come their way. Fortunately, most insurance policies are comprehensive, and cover some or all of the following:
- Sinking
- Fire
- Theft
- Storm Damage
- Collision
- Liability (damage to other boats or structures)
How Do I Choose a Policy?
The key to choosing a policy is to first look at your budget and determine how much coverage you can afford. In some cases, insuring your boat may be a part of a larger insurance package that also includes auto, homeowner’s or renter’s and life insurance policies.
In general, a boat insurance policy should cover three things: property damage, medical payments and collision/collision liability. To fully understand the risk and options available to you, you may want to sit down with an insurance agent to discuss your own circumstances, needs and considerations. Then, they will be able to review your needs carefully before coming up with an actionable plan that fits your lifestyle.
10 Things to Consider (along with Your Insurance Agent)
There are a number of things to consider when purchasing boat insurance (or simply before purchasing the boat itself!) When you sit down with your insurance agent, make sure to talk through the following items so you can make sure you are fully covered.
1. Am I already insured?
Because some policies will cover watercraft as part of a larger policy, check with your current insurance provider if there is any chance that you are already covered under your general home/auto policy, or if it would be better to consider stand-alone coverage.
2. Do I have enough liability protection in case someone gets hurt while using my boat?
Most states require boaters to carry at least $100,000 in liability protection—but some require more than double that amount! In addition, if you are renting a slip at a marina or have a membership there, there may be additional (read: higher) requirements for liability insurance. Make sure you not only understand the thresholds you need to maintain, but have insurance that covers you for the full amount.
3. How much will it cost to replace my boat if something happens?
It’s always better to over-insure than under-insure, but knowing how much your vessel is worth makes a big difference in calculating how much you should spend on protecting it. Fortunately, it’s not hard to determine the value, and an insurance agent can help you along the way.
4. How long am I covered for?
Just like car insurance, boat insurance policies typically last anywhere from six months to one year. To guarantee you always stay covered, make sure your policy will auto-renew so you don’t have a lapse in coverage.
5. What deductibles are involved?
Deductibles are just like those found on auto policies; higher deductibles mean lower premiums. Compare policy options alongside your agent to ensure that you’re balancing these two costs against each other, and won’t end up in a bind if something happens.
As you hit the water this summer—whether it’s at the local lakes or the open sea, make sure you’re covered along the way. We at Penny Insurance are always here to help you navigate the sometimes complex world of insurance coverage. If you would like to schedule a consultation or get a quote, please contact us and let us know.
by Penny Insurance Agency | Apr 19, 2022 | General Tips, Valuable Items Insurance, Wedding Insurance
When it comes to your family heirlooms, you can’t help but be passionate about them. You probably also want to ensure that they are safe from damage or theft, especially if you know that they will one day be handed down to future generations.
But when it comes to protecting the irreplaceable mementos of our lives, how can you ensure their safety and security? This guide will show you how to protect your family heirlooms and collectibles, keeping them safe and sound to continue a legacy into the future.
1. Keep a record
To begin with, make sure you have detailed records of the items: their descriptions, costs, and appraisal values. This will not only help you insure them properly, but will provide a comprehensive account in case of theft or loss, which will come in handy when it comes time to make a claim. In addition, this information may be useful in case you are ever audited by the IRS for tax purposes. These records are often requested during an audit; therefore, the more information you have on hand about each item, the better off you’ll be. Be sure to include details such as where and how you acquired each piece of property, including receipts if possible, as well as details about any restoration work that has been done.
2. Store them safely
When it comes to keeping a family heirloom protected, the first rule of thumb is to store it safely. Putting a piece that is worth thousands of dollars in an enclosed space, or even on a shelf where it could be damaged, is asking for trouble. The best thing to do is buy a large, airtight and stable box or chest, take photos of everything, and then store each item separately. You may even want to categorize them by a number or code that matches your written records. The next step? Put that box away in storage where no one can get to it easily. For highly valuable items, store them somewhere secure, like a bank safety deposit box.
3. Get a collectible insurance policy
Collectible insurance policies are used to protect antique and collectible items, and depending on how valuable your collection is, getting one could be a wise decision. For example, if you inherited a hand-carved grandfather clock from an uncle who purchased it from an upscale store in New York City, getting insured wouldn’t just be smart—it might save you thousands down the road. Fortunately, getting a collectible insurance policy doesn’t have to break your bank; most insurance providers offer affordable rates, depending on what kind of coverage you need. So when it comes to protecting your hard-earned treasures, consider adding a collectible insurance policy to your arsenal.
4. Plan to pass them on
There are many ways to plan to pass on heirlooms, but if you’re looking to leave them to others—especially pieces with high-value or a lot of meaning within the family—putting your plans in writing is a good idea. While it may not matter to you at that point, it can mean the difference between keeping your wishes intact and an all-out family feud.
Additionally, you may want to discuss your plans with your insurance provider—they can oftentimes provide customized coverage that protects the item through—or even after—the transition.
Whatever you’re looking to leave behind, what types of coverage you need or the questions you may have, we at Penny Insurance are always here to help you along the way. If you would like to schedule a consultation or get a quote, please contact us and let us know.
by Amanda Dempsey | Feb 23, 2022 | General Tips
In the United States, our largest generation is aging; when combined with increased longevity and higher ages among the older population, it means that many Americans are at risk of outliving their benefits and life retirement savings. While it would be hard to find anyone that would say that living longer is a bad thing, the reality is that it can cause a number of financial and logistical issues for those who do.
Fortunately, there is a solution: long-term care insurance, an important consideration for anyone who may need to live in a nursing home or other long-term care facility. Not only can long-term care insurance cover the cost of any long-term care needs that are related to age and disability, but it can also prepare for a future you might not be able to see coming.
What is long term care insurance and why do you need it
Long-term care insurance is a type of insurance coverage that pays for health care needs not covered by Medicare and Medicaid. This includes nursing home costs, assisted living facility expenses, adult day services, personal assistance and other types of long term care.
When you buy long-term care insurance, you are essentially pre-paying for your future health care needs. The policy will usually cover at least some (or sometimes, all) of the costs of long-term care, depending on the type of coverage you choose.
There are two types of long-term care insurance policies:
1. Indemnity policies.
With an indemnity policy, the insurance company will pay for any approved long-term care services that you need.
2. Benefit period policies.
With a benefit period policy, the insurance company will pay for a certain number of years’ worth of long-term care services. Once that number of years is up, the policyholder is on their own. Some benefit period policies can be renewed after the initial time period ends, but will usually incur a higher cost.
What are the benefits of having long-term care insurance?
There are a number of benefits to having long-term care insurance, which is why it is crucial that anyone close to retirement considers it as an option in their portfolio.
Peace of Mind.
You will have peace of mind knowing that you won’t have to worry about paying for long-term care services in the future, should you outlive some of your other financial means.
Immediate Medical Help.
With a long-term care policy, you receive financial assistance right away – so you don’t have to wait until your condition worsens to get help with daily activities and health care costs that aren’t covered by Medicare or Medicaid.
Wide Coverage Options.
Long-term care insurance helps cover assisted living facility expenses, adult day services and personal assistance required for those who suffer from disabilities as a result of age or other health conditions.
What are some disadvantages of long-term care insurance?
Of course, in contrast, there are always things you need to weigh against when considering purchasing a long-term care policy.
First, long-term care insurance policies can be very expensive and usually require you to pay an up-front premium, plus a yearly premium after that that can continue for as long as your policy is still in effect. You may also be subject to a waiting period before benefits start paying out – meaning you’ll have to pay for any expenses incurred during this time yourself.
Also, be prepared to pay more in premiums as you age; premiums on long-term care policies increase as the insured gets older.
Finally, if for some reason the costs of long-term care exceed the amount paid by your insurance company under your policy, any additional expenses you incur will need to be covered by another source—possibly Medicaid—but it is not a guarantee. Make sure you talk with your trusted agent to determine where your gaps in coverage may be and how they can be shored up before you need them.
If you’re close to retirement, looking to plan ahead, or simply want to know your options in healthcare and other forms of insurance coverage, don’t hesitate to let us know. We at Penny Insurance are dedicated to helping you find the best solutions for whatever you need. Should you like to schedule a consultation or get a quote, please contact us and let us know.
by Amanda Dempsey | Jan 24, 2022 | Insurance
People have been riding horses for centuries, and they remain a popular choice for recreation and transportation even today. There may be many reasons why people invest in horses, but regardless of the reason, it’s important to protect your investment—for work, fun or just companionship—with equine insurance. Not only can this help cover any injuries or illnesses that might happen to the animal, it can also provide coverage should the animal be stolen or lost. In this article, we’ll discuss the main types of equine insurance, and other considerations for horse owners.
What is Equine Insurance?
Equine insurance is insurance for horse owners that generally covers the loss or injury of the horse. In this instance, we will define equine insurance as insurance on the horse itself, although there are often many different types of insurance that can sometimes fall into this category—including farm property coverage for paddocks and land and liability insurance if your horse is used for business purposes.
The 2 Types of Equine Insurance
Although there are different types of policies and coverage options to choose from, most equine insurance boils down to two types: Mortality and theft insurance, and Medical/Surgical coverage.
All-Risk Mortality and Theft
Typically only issued for horses under 20 years of age, a mortality policy covers the loss of a horse due to death, or even theft. This type of coverage is typically available for both personal use animals and trail horses, and in the instance that your horse needs to be put down, is stolen or dies, a mortality policy will reimburse you for the loss, based on age and health of the horse at the time the policy is taken out.
Medical/Surgical
Available as an add-on to mortality plans, these plans can cost anywhere between 2.5 and four percent of the animal’s value. Medical/Surgical policies can be considered like health insurance for your horse—covering medical costs in case of illness or injuries—and similarly, cover everything from prescriptions to surgery. However, most policies will not cover basic or preventative care like vaccinations or dental care.
Other Insurance Considerations for Horse Owners
If you are considering equine insurance for your horse—whether it be a work asset or more of a family friend, there are other things to consider when considering an equine policy.
The right policy matters
While there are two common policy types that we’ve covered above, the reality is that there are many options for different types and forms of coverage for horse owners. Liability insurance covers injury and property damage to others, horse transit policies cover the transportation risks of horses that are constantly on the move. One should also consider the surrounding policies that will help protect the investment and the horse itself—like property or dwelling damage for structures like barns, and farm coverage for a larger land property.
Because the uses of horses differ, as does each household or business, it’s important to understand that policies can vary widely. Some mortality policies may pay out a mere thousands, while others pay multiples of that in case of loss, but the premium will match the back-end payouts, as well. As with any other insurance consideration, navigating the many options and finding the best selection for you (and your horse!) is key. Make sure you engage an agent you trust along the way to make the process easier, and to nail down the right policies for you and your large animals.
Policies are non-transferrable
A policy on a horse is similar to a policy on a human—they are for that specific individual, and cannot be transferred to another. While it may be an option to add more animals (read: horses) to your policy, they would need to be listed as separate individuals. What’s more: if you sell or give the horse to a new owner, the policy cannot go with the horse. Instead, that owner would need to take out a new policy for the animal, and you’d need to cancel yours.
Timing is key
If you already carry a policy on your horse—or once you have one in place—understand that most policies require immediate notification if the horse becomes ill or injured. Know what your policy covers—and what it requires of you for claims—before they become an issue later on.
However your horse fits into your family, and whatever the type of coverage you may need, Penny Insurance is here to answer any questions and help you select the best plan possible to cover your equine investment. Should you have any questions about coverage or insurance types, or if you would like to schedule a consultation or get a quote, please contact us and let us know.
by Penny Insurance Agency | Jan 3, 2022 | General Tips, Insurance
A lot of people take their insurance for granted. When they’re driving to work, they don’t question the safety of the road or the safety precautions taken by other drivers; when they get home, they don’t think about whether or not their house will be there if a natural disaster strikes. But this is all because we trust in our insurance policy and feel safe knowing that we are covered.
But, when it comes down to it, do you have comprehensive coverage? Are all your most important things covered? Knowing whether or not you are fully insured against whatever may come your way is important, but it starts with understanding the types of coverage available, and matching them to your own needs. In this article, we’ll discuss the most common types of insurance coverage and how each one can benefit your family’s needs.
Homeowners’ Insurance
A standard Home Insurance policy usually includes coverage for your home, belongings, and liability. This means that if something happens to your house (including fire, theft, etc.), your insurance company will cover the cost to help you rebuild or repair it. It also means that if someone is injured on your property, your insurance company will help cover the costs of injury or property damage.
However, it’s important to realize that there can be significant gaps in homeowners’ coverage—just because something happens to your home doesn’t mean that it’s automatically covered. One example of this might be flooding—which oftentimes is not covered by a standard homeowners’ policy. To find out what your coverage includes—and does not—schedule time with your agent to go over your policy.
Renters’ Insurance
Similar to the coverage in homeowners’ policies, renters insurance covers a renter’s belongings in case of fire or theft or other circumstances, whereas property owners’ coverage does not extend to their tenants. There are two types of renters’ insurance that are common: replacement cost insurance, which covers the cost to replace anything that is lost; and actual cash value coverage, which pays out the assessed value of the lost items.
However, it is important to note that there are also gaps in renters’ insurance—they typically will not cover high-value valuables under the same policy (you’d want to get an additional policy for them), and motor vehicles may also not be covered by the singular policy.
Health Insurance
While health insurance is often covered by a corporate entity or by the government (in cases of an ACA plan), health insurance is still one of those major coverage options that you should maintain—all the time. Providing coverage for doctor’s visits, prescriptions, catastrophic illness or injury and even dental and vision care in some plans, health insurance is definitely a line item you don’t want to be without. However, because it can also be complex in what you’re eligible for and what it might cost you (especially considering subsidies and coverage options) it’s always best to walk through your options alongside an agent who knows the ropes.
Life and Disability Insurance
When it comes to insurance plans, one of the most important (and often overlooked) is life insurance. Often paired (or available to be paired) with disability insurance, life insurance offers a payout in case of your—or a loved one’s—demise, providing a certain level of stability in an otherwise uncertain time. Similarly, disability insurance can provide income and coverage options in the case that you are either permanently disabled, or in case of short-term (up to six months) or long-term (over six months) illness or injury. Because these plans are relatively inexpensive but cover you in case of one of the worst possible outcomes, life and disability insurance should definitely be on your checklist for 2022.
Business Owners’ Insurance
If you own a business and do not carry insurance on it, you may want to reconsider in 2022. A Business Owners Policy (BOP) is straightforward insurance for business owners—combining property coverage for your business assets with general liability insurance. While many business owners may need added coverage based on their industry or specialty, business owners’ insurance policies are a great place to start.
Umbrella Insurance
Although you may not hear about this type of coverage that often, umbrella insurance can be a great type of insurance to keep in case of a major problem. Covering liability, damage and injury, umbrella policies fill in the gaps that the common types of insurance may leave behind, offering an added layer of protection should something go wrong.
As an added protection, umbrella insurance can not only help with excessive bodily injury or property damage, but also offers coverage in case of libel, slander or false arrest.
Specialized Insurance Policies
What do horses, antiques, boats and a private art collection all have in common? They may all be insured under specialty premier policies that cover them separate from your other homeowners or vehicle policies. While all of these are very different, with different policy terms and valuations, keep in mind that if something has value to you, it’s worth insuring it from harm. To find out if your prized possessions need additional coverage, talk to your agent about this premier coverage.
Whatever the types of coverage you need or the questions you may have, Penny Insurance is here to help you along the way and to make sure you’re completely covered for anything that could happen—this year or in the future. Should you have any questions about coverage or insurance types, or if you would like to schedule a consultation or get a quote, please contact us and let us know.
by Penny Insurance Agency | Dec 7, 2021 | General Tips, Insurance
While most of us look to the holiday season with excitement and anticipation, the reality is that with an increase in online and on-the-road activity, as well as home projects, visitors and more, there are a number of pitfalls that homeowners and travelers should be aware of.
To help, we’ve compiled a list of some of the biggest holiday hazards, as well as a few prevention tips to help keep them from happening to you.
Fire
When it comes to the holidays, one of the most significant threats to the American home is fire. According to the National Fire Protection Association, an estimated 790 fires a year begin with Christmas decorations—excluding Christmas trees—while the trees themselves account for another 160 a year.
Prevention Tip: When stringing lights or any other electric decorations, make sure you are double-checking that the wires are intact, with no fraying or loose connections. And if you have a live tree, you’ll want to make sure it stays well hydrated; a dry tree can go up in flames in a matter of seconds.
Theft
From porch pirates nabbing daily deliveries to home invasions and break-ins, theft is a big concern during this time of year. And while your local thief may be seeing an uptick in activity, there’s no reason you have to be part of his list.
Prevention tip: At home, keep track of what you’ve ordered to be shipped to your home, and when it is expected to come in, so you can get your packages inside before they are a temptation for drivers-by. When out shopping, take care to keep your eyes open and be aware of your surroundings to avoid becoming a victim of robbery. Finally, at home, keep doors and windows secured—whether you’re traveling or just watching Christmas movies—and double-check any vehicles outside, as well.
Lighting Mishaps
Hanging lights and wreaths may seem pretty straightforward, but according to the U.S. Consumer Safety Commission, there are on average more than 14,000 holiday-related accidents each year during the December holidays—most of those being attributed to slips and falls.
Prevention tip: As with any home improvement task that includes ladders or elevation, take time to ensure you’re practicing standard safety measures for your project. Ladders should be firmly on the ground, with no wobbling, and you should have a spotter to keep you steady, if possible. Keep tools handy close by, and maintain three points of contact between you and the ladder at all times for added security. Finally, make sure you keep paths clear of clutter and mess, so that you avoid tripping over it when moving boxes or decorations around.
Travel
The Christmas holiday marks the busiest travel season by far, which also makes it the most dangerous, as well. Between an increase in drivers, holiday travel or even Christmas party goers on the road a little too late, December road travel can be pretty risky.
Prevention tip: You can’t always prevent accidents, but you can take a few safety measures. Outside of carrying drivers’ insurance (a must!), take a few hours to take your car into the mechanic—pre-travel—to have the oil changed, tires checked and make sure your vehicle is in good shape for the trip. In addition, if you’re headed to a holiday party where alcohol will make a showing, make sure you select a designated driver for the night to keep everyone safe.
Fraud
There’s no worse time of year than to find out you’ve become a victim of identity theft or credit card fraud, but the increase in online shopping, gift orders and credit card scanners makes it a prime time for someone looking to hack into your accounts.
Prevention tip: When using your credit card around town, take a closer look and make sure there isn’t a skimmer over the scanner waiting to grab your information. When using your phone, stay off of public wi-fi, and if possible, use a VPN to protect your online searches, instead. Finally, when shopping online, make sure you’re only shopping secure sites (you’ll see a locked padlock next to the web address), and avoid phishing scams by not clicking on any random links that may be emailed or texted your way.
Injuries
They may go overlooked, but injuries can put a quick damper on the holiday spirit. From cooking burns or cuts, to injuries sustained from opening packages (yes, it happens a lot!), there’s no shortage of ways to win a trip to the emergency room, if you’re not careful.
Prevention Tip: As with any other situation in the kitchen, practice general safety precautions by paying attention to open flames and blades, and keeping knives sharp and pan lids close by. Cut away from yourself—when wrapping or unwrapping—and use a tool to get into those plastic-encased presents.
Whatever you have going on this holiday season, don’t end up on the bad size of the hazards list. From homeowners’ policies to car insurance, Penny Insurance has the experience and expertise to walk you through all types of coverage, every step of the way. If you would like to schedule a consultation or get a quote, please contact us and let us know.
by Penny Insurance Agency | Nov 4, 2021 | General Tips
The holidays are now upon us, and many of us are excited to see family and once again gather together for Thanksgiving—especially after the past two years. But however your holiday is planned to go, know that there are a few additional hazards that come along with the day. Fortunately, most are preventable, but before you pull out the turkey and set the table, you’ll want to do a little pre-holiday prep work to ensure you are having the safest Thanksgiving possible. In this article, we dissect the top five Holiday Hazards and how you can avoid them this November.
The Hazard: Food Poisoning
Preventing cross-contamination and ensuring proper food temperatures is always important, but the Thanksgiving holiday brings about a number of challenges in this area, due to the fact that many families will be preparing many more dishes than usual. In addition, kitchen limitations and food transport (thanks to grandma for bringing her homemade casserole from across town!) means that there are more than the usual amount of opportunities for something to go awry.
The Fix: To start with, don’t take short cuts; make sure that you plan ahead to ensure that you have enough time to cook everything on your planned menu. When cooking, follow food temperature guidelines to guarantee that everything is cooked accordingly, and use clean serving and prep tools to reduce cross-contamination between dishes. And finally, if you’re transporting food, make sure you package it well—a tight seal will not only help it get safely to your destination, but will also minimize the chances of you picking up anything else along the way.
Choking
We know you can’t wait to sit down to Aunt Sue’s pumpkin pie or a plateful of turkey and sweet potatoes, but researchers at the University of Florida’s School of Medicine show that people are ten times as likely to choke during holidays or celebrations than any other time. And when it comes to kids, those many dishes could provide a larger chance of food impaction than more other days, as well.
The Fix: Slow down and take a seat, for one. When you are seated, you are more focused on the task of eating, and far less likely to eat too fast or take too big of bites than if you were up walking around. Also, nix the alcohol intake, which reduces your chewing efficacy and could be a precursor for a larger choking problem. And for little kids? Make sure you’re watching their plate, and that all food is sized to no larger than a half inch bite so that little mouths can swallow it with no problem. Still, the best prevention may be a general knowledge of basic first aid, so do a quick brush up—just in case.
Kitchen Injuries
With all the food prep going on at this time of year, kitchen injuries are inevitable, but there are still things you can do to ensure you keep cuts and burns to a minimum.
The Fix: First, make sure you are using the correct tools for your task; that your knives are sized appropriately for what you’re cutting, and that potholders and pot lids are easily accessible. Also, while it may seem counterintuitive, go ahead and sharpen those knives—a dull knife is actually far more dangerous than one that’s ready to do the job it’s intended for.
House Fires
You might be surprised if you look at Thanksgiving fire facts, but the reality is that Thanksgiving is the peak day for home fires, with more than 1,630 occurring in 2018 alone, according to the National Fire Prevention Association. Add to that the advent of turkey frying and your favorite pumpkin spiced candle, and you’ve got a lot of opportunity for a fire to take over your holiday.
The Fix: First of all, practice basic safety, and make sure you keep cords out of the way, lighters and matches put up, and a fire extinguisher handy. Beyond that, take special care in the kitchen—keep watch over what you’re cooking and don’t get distracted by family storytelling or Uncle David’s new sweater. And if you happen to be frying up your bird this year, make sure you’re set up at least 10 feet from the house on firm, flat ground, and make sure that your turkey is completely dry before you drop it in.
Car Accidents
The Thanksgiving holiday marks one of the busiest travel seasons of the year, and also one of the most dangerous, as well. There are a number of reasons for this—from out of town drivers to increases in alcohol intake over dinner—but generally, there are just more people on the road, and more opportunity for something to happen.
The Fix: Although you can’t always prevent a road accident, you can take a few steps to makes sure you’re being as safe as possible. Outside of carrying drivers’ insurance (which is a must!), take a few hours to take your car into the mechanic—pre-travel—to have the oil changed, tires checked and make sure your vehicle is in good shape for the trip. Don’t overpack, and make sure your windows have complete visibility, and reduce as much distraction as possible.
Whatever your holiday plans include, make sure you’re completely covered for anything that could happen with great homeowners and drivers insurance. Penny Insurance has the experience and expertise to walk you through, every step of the way. Should you have any questions about coverage or insurance types, or if you would like to schedule a consultation or get a quote, please contact us and let us know.
by Penny Insurance Agency | Oct 7, 2021 | Business Insurance, General Tips
For the millions of U.S. workers who hold some sort of occupational license (43 million as of 2018, to be more precise) understanding licensing in multiple states can mean the difference between being limited to your own area, and having the freedom to accept work beyond your own state lines.
What is Occupational Licensing?
Occupational licensing is a legal requirement for certification or proof of knowledge in a certain field or industry. According to the National Conference of State Legislatures, who operate the National Occupational Licensing Database, one in every four jobs in the United States requires some sort of occupational license. Those jobs include, but are in no way limited to, teachers, doctors, nurses, electricians, contractors, architects, therapists, cosmetologists, animal trainers and many more. There are also additional licensing requirements for certain products sold, such as alcohol or tobacco, so it’s important that you know what is required from you before you run into any problems down the road.
The most important thing to realize about occupational licensing, however, is that the credential isn’t merely an indication that someone has a certain degree of knowledge or experience in that field; rather, it’s a permission for that person to work in that field—and a prohibition of someone working in the industry who does not have the appropriate license.
When do I need an occupational license?
Knowing if you need an occupational license for your career path can be tricky, as it is not only determined by industry, but also—in many cases— by state. Therefore, licensing requirements for a private investigator in Florida may be far different than those for one in Oregon—and some states may not require a license in a field at all.
In order to find out if your industry requires an occupational license, a bit of online research may be necessary. You can also visit the U.S. Department of Labor’s Career One Stop, which allows you to search by career field and state to determine what licensing requirements you may face.
Should I have licensing in multiple states?
Because licensing can vary from state to state, if you plan to pursue a career that crosses state lines, you absolutely should ensure that you are covered in whatever areas you plan to work on. That may mean additional testing or licensing fees, but in the end, if something happens, you’ll be glad you have it in place.
What is reciprocity, and how does that affect my license?
=Reciprocity is the concept that one state’s license is recognized as valid by other states, eliminating the need for multi-state licenses. With the growth of licensing requirements over the past decades, many states have begun to increase their involvement in reciprocal licensing privileges to increase workforce options and ease of use for licensed workers. If you think reciprocity may apply to your license, research your occupation and your state to find out what other states offer this benefit.
Whatever your business needs, Penny Insurance has the experience to guide you every step of the way. Should you have any questions about coverage or insurance types, or if you would like to schedule a consultation or get a quote, please contact us and let us know.
by Amanda Dempsey | Sep 1, 2021 | Home Insurance
With the seasonal shift to fall comes cooler weather, earlier nights, and bonfires to gather around with friends and family. But when it comes to lighting a flame outdoors there can be risks—and how those risks relate to your homeowner’s insurance bring about another level of concern. In this article, we’ll explore basic fire safety for all the cozy nights (and productive days!) you have planned this autumn.
Types of outdoor fires and how to make them safer
There are a lot of reasons to be outside once the fall air turns crisp. From cleaning up fallen leaves to celebrating with those closest to you, here are some of the most common reasons people light up outside, and how to make them a bit safer.
Grilling
With football tailgates comes outdoor barbeques, and you may find yourself at the grill a bit more often than before. But if you find yourself watching over the cookout, make sure you practice grill safety: stay with the grill the entire time it’s on, move the grill away from decking or siding that may be more flammable, and keep your grill clean so a grease fire doesn’t catch you unaware.
Fire Pits
Nothing says “fall” more than sitting around a fire pit or bonfire with s’mores on hand, but a fire pit is also a common way for fire to get loose in the yard. If hanging around the fire with friends is on your fall to-do list, make sure your fire is at least three feet away from the house as well as anything that could easily catch fire, and use a metal screen to keep sparks at bay. When you’re done, check that the fire is out completely before you leave it alone for the night.
Burn piles
When the fall leaves make a dense carpet in your backyard, it’s natural to want to clean them out—whether to keep underlying grass healthy or to prevent snakes and other pests from taking cover. There are a number of preferable ways to clear out dead leaves other than a burn pile—such as bagging them up in biodegradable bags or chopping them up in the mower to mulch the lawn for the winter—but if you must burn, there are a few precautions you should take.
Firstly, check the weather, and never burn on super dry or windy days, when flames could jump or scatter. Also, look for a place that is flat, and never under branches or power lines. Add a moat around the perimeter of your pile for added safety, and make sure you douse the pile—not once, but twice, once you are done for the day.
Are outdoor fires covered by insurance?
While many will assume that a runaway fire would be covered by homeowners’ insurance, the reality is a bit more complicated. Grills and fire pits are typically considered personal belongings, as well as an “unattached structure.” This means that—typically—any damage will only be covered at a percentage of the insurance you carry for your entire home, usually about ten percent. So if an ember sparks something bigger and affects your shed or garage, it could mean big bucks out of pocket.
For this reason, it’s a good idea to know your coverage limits and liabilities—before you start up the fire pit for the season. Talking with your insurance agent about your own practices, hobbies and concerns is a great way to determine if you’re at risk, and if so, how much risk you’re taking on when you light the match.
For your homeowner’s policy, or any other insurance requirements you have, Penny Insurance has the experience and expertise to walk you through, every step of the way. Should you have any questions about coverage or insurance types, or if you would like to schedule a consultation or get a quote, please contact us and let us know.
by Amanda Dempsey | Aug 17, 2021 | Home Insurance
How to Buy Hurricane Insurance
With hurricane season now upon us, it’s crucial that those with homes along vulnerable coasts know that their homes and belongings are protected. If you’re looking to buy hurricane insurance, you know that it can be complicated—from changes in what policies are required to how coverage differs from state to state. However, with the right advisor in your corner, you can have coverage from all the storms that may head your way.
What is hurricane insurance?
The first thing that’s important to understand is that not only will standard homeowners’ insurance not cover damage from a hurricane, but that there is really no such thing as a hurricane policy. Instead, homeowners will need to merge two types of policies—a flood policy, and windstorm insurance. Flood insurance will help cover the cost of damages incurred by surges of water into the home (rising water damage is typically not covered by a standard homeowners policy), and windstorm insurance covers damage from any sort of high wind, not just hurricanes.
How much will hurricane insurance cost?
To protect your home completely from a hurricane, you’re looking at pretty high premiums. While the standard homeowners’ policy will cost, on average, somewhere between $1500 to $1900 a year, adding flood coverage ($700-1000/year) can increase that significantly. In addition, you’ll want a windstorm insurance policy that can add an additional $700 to $2,600 a year, depending on your location, deductible and home build. Once added up, you’ll be paying significantly more to ensure that your coverage is gap-free.
What to know about hurricane deductibles
While most homeowners plans have a set, flat deductible per claim (like $1,000 or $2,500), oftentimes a hurricane deductible will be based on the value of your home (like one or two percent over your estimated value). That means your deductible could be much higher than you’re used to—a $1 million seaside home could require $10,000 deductible if calculated at one percent of the home’s value. These deductibles may also be called “Named Storm” deductibles, as they are triggered when the NOAA names a storm.
While the risk is small that you will need to use it, you’ll want to talk through your options with a trusted advisor who can walk through the options, and ensure you don’t get hit with a deduction that’s high during an already stressful time.
Top tips for purchasing hurricane insurance
If you’re considering purchasing hurricane insurance for your home, there are a few things you should consider.
Understand your coverage—and its gaps.
As you walk through your coverage options, you’ll want to make sure that you understand what is covered—inside and out. Does your payout cover the cost of a full rebuild? What is your deductible? How is your premium billed, and what is covered? All of these are things you’ll want to know in case of a storm-based emergency.
Don’t wait.
While hurricane season is somewhat predictable between June 1 and n=November 30 of each year, some policies have wait times before they are active, so you don’t want to wait until a storm is headed your way to figure all this out.
Compare your quotes.
Quotes can vary, and with such a high price tag attached to hurricane coverage, you’ll want to make sure you’re getting the best rates.
Get an advisor to help.
Because hurricane policies include many different variables, you’ll want to make sure you have someone who knows the industry and the coverage, so they can help you identify gaps in coverage and shore them up. But having someone knowledgeable alongside you can not only help while you’re going through the purchasing process, but can also give you a little peace should something happen, knowing they are helping you along the way.
If you need a hurricane insurance policy, Penny Insurance has the experience and expertise to walk you through it, every step of the way. Should you have any questions about coverage or insurance types, or if you would like to schedule a consultation or get a quote, please contact us and let us know.
